Innovative approaches and solutions will be critical to scale up adaptation efforts across the African continent. This includes the African Development Bank-supported Adaptation Benefit Mechanism and the Africa Adaptation Acceleration Program. The latter is a joint initiative between the Bank and the Global Center on Adaptation. This assertion was made clear in a panel
The African Development Bank has appointed Mike Salawou as Director of the Infrastructure and Urban Development Department. Salawou, a Danish national, has been the Acting Director of the Infrastructure and Urban Development Department, where he led sovereign and non-sovereign operations. He also doubled as the department’s Infrastructure and Partnerships Division Manager. Salawou has extensive years
The Board of Directors of the African Development Bank has approved a $15 million subordinated loan to Infrastructure Credit Guarantee Company Limited (InfraCredit) to strengthen its capital base and help close Nigeria’s infrastructure financing gap. The financing will enable InfraCredit to leverage domestic capital markets to bolster access to long-term local currency infrastructure financing in
The Board of Directors of the African Development Bank have approved a $11.7 million budgetary allocation to the African Fertilizer Financing Mechanism (AFFM) for its 2023 operations. This approval adds up to $16.4 million extended to the Facility to support its 2023 budget. It includes $4.7 million, which was carried over from the previous year.
The African Development Bank is set to roll out the first green finance facilities in two public financial institutions in Benin and Côte d’Ivoire as part of its ground-breaking African Green Bank initiative. The host institutions are La Caisse des Dépôts et Consignations du Bénin (CDC Benin) and the Ivorian National Investment Bank (BNI). As
The African Development Bank has signed a $525,000 grant agreement with Africa Fintech Network (AFN) for the setup of the Africa Fintech Hub, an online portal that will serve as a one-stop shop for all fintech activities in Africa. The Africa Digital Financial Inclusion Facility (ADFI) will provide funding and technical assistance to the Africa
The African Development Bank’s Board of Directors has approved a $28.49 million grant for Ghana to build renewable energy infrastructure that will raise Ghana’s consumption of renewable energy by 10% by 2030. The funding, which will come from the Scaling Up Renewable Energy Program in Low Income Countries (SREP) of the Climate Investment Funds (CIF),
The Africa Investment Forum has marked International Women’s Day by hosting a special evening session for African women business leaders and innovators under its “Women as investment Champions pillar”. Founded in 2019 by the African Development Bank and seven other founding partners, the Forum is a fully transactional, multi-stakeholder, multi-disciplinary platform dedicated to advancing private
The African Development Bank and the Coalition for Dialogue on Africa (CoDA) have officially launched three-year support project to enhance regional support to illicit financial flows. The project will support African stakeholders who are actively trying to stop such flows in order to increase the mobilization of local revenue in African nations. It will
The Sustainable Energy Fund for Africa (SEFA) of the African Development Bank has approved a technical assistance grant of $5.03 million to implement the Africa Super Energy Service Companies (ESCO) acceleration program in Rwanda, Senegal and South Africa. SEFA is a bank-managed multi-donor special fund that works to unlock private sector investments in renewable energy and
